Market Research Future published a research report on “Service Robotics Market Research Report- Forecast 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.

Market Highlights

In this rapidly changing environment, companies are expanding their scale of operations by increasing investments in R&D and innovation. In service robotics innovation is very beneficial. Service robotics has become worldwide. Robotics has established a trend in market. Internet of things (IoT) is also considered as a major component with respect to service robotics therefore industries adopting Internet of Things has increased the demand for service robotics.

The study indicates that technological advancements, high demands for automation and increasing human safety concerns are the major driving factors of service robotic market. Service robotics have many benefits which overcome the challenges such as lack of skilled workforce, high labor costs and others. The study indicates a major restrain for the Service Robotics Market as the high costs of service robots. But the study also reveals that robot manufacturers are taking efforts to lower the costs of these service robots.

In the recent news, Dominos has partnered with Starship Technologies to develop service robots which could be used for pizza delivery. Many company like Dominos are taking efforts and adopting service robotics.

The Service robotics Market is growing rapidly over 15% of CAGR and is expected to reach at USD 20 billion by the end of forecast period. Cost reduction, high efficiency in the process and ability to provide the overall information and initiate early stage development for the products are the major driving factors of this market.

Segmentation

Service Robotics by Type:

Domestic

Professional

Service Robotics by End-User:

Automotive

Transportation

Healthcare

Construction

Defense

Media & Entertainment

Security

Supply and Logistics

Agriculture

Others

Regional Analysis:

The regional analysis of Service robotics market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. The ongoing global trend towards robotics is being reflected in an increase in the number of service robots in US. The study indicates that North America is dominating the service robotic market followed by Europe owing to factors such as increased demand of service robots by defense, medical, construction sectors and inclination towards automation.

The study reveals that Asia-Pacific would be the fastest growing region in the service robotics market by the forecast period. The study also reveals that North America and Europe would show hand-in-hand growth dominate the service robotics market by the forecast period.

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